Agoracom

Basically a warrant holder is an investor who participated in private placement. So the warrant holders owns common shares of GOG which means the investor doesn't have to sell his common shares to exercise his warrants (most Private Placement holders sell the common shares and use the proceeds to exercise the warrants) he may exercise the warrants first and sell the common shares after the warrants exercise date.

This may lead to one of the private placement holders waiting for volume to sell their common shares.

Good Luck

Tank